China’s factory activity grew at a faster pace in July than at any point since January 2011, as the economic recovery gained momentum, a private gauge showed Monday.
The Caixin Manufacturing Purchasing Managers Index rose to 52.8 last month from June’s 51.2, beating the median estimate of 51.1. The 50-level separates expansion in activity from contraction. That’s in line with official data released last week that showed a slight acceleration from the previous month.
Flare-ups of the epidemic in some regions did not hurt the improving trend of the manufacturing economy, which continued to recover as more epidemic control measures were lifted, said Wang Zhe, senior Economist at Caixin Insight Group, which released the data. However, we still need to pay attention to the weakness in both employment and overseas demand.
The Caixin manufacturing PMI focuses on smaller and private companies, while the official manufacturing PMI covers larger, state-owned enterprises.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.